Two flats, two tenancies and $700 per week in combined rent, which works out to a gross yield of 7.5% on the asking price. This grand old villa in established Gladstone sits within the James Hargest College zone. It has been converted into a two-bedroom flat and a one-bedroom flat, and it’s ready to start earning for its new owner from day one.
Flat 1 is a two-bedroom unit currently returning $365 per week. Flat 2 is a one-bedroom unit currently returning $335 per week. Both are on periodic tenancies, which gives you flexibility. Both flats are Healthy Homes compliant and each has its own heat pump. The villa is also partially double glazed and was rewired in 2025, with an electrical certificate available. A lot of the groundwork has already been done.
Flat 1 - Two Bedrooms:
- Two bedrooms, main with built-in wardrobes
- Separate lounge with heat pump
- Kitchen with rangehood and space for dining
- Bathroom with shower over bath, plus laundry tub
- Central hallway with good storage space
- Periodic tenancy at $365 per week
Flat 2 - One Bedroom:
- Generous double bedroom with two built-in wardrobes
- Light, tidy lounge with heat pump
- Kitchen with classic timber cabinetry and rangehood
- Updated bathroom with corner shower and vanity
- Laundry space with washer and dryer connections
- Periodic tenancy at $335 per week
Outside:
- Cross lease title on a total site of 1012m² (more or less)
- In zone for James Hargest College
- Rewired in 2025, electrical certificate available
- Partially double glazed
- Separate entrances for each flat
- Off-street parking
- Large front lawn and covered front verandah
- Clothesline
Flat 2 has had some updating along the way, while Flat 1 has kept much of its original character, so there’s room to put your own stamp on it. A few cosmetic touches down the track could add value, and in the meantime the rent keeps rolling in.
Thinking bigger? The two units at the rear of the site are also available, so there’s the option to secure all four. Get in touch and I’ll talk you through the details.
For investors who want compliant, tenanted income in a solid, central Invercargill suburb, this one deserves a close look. Two incomes, one purchase, and a 7.5% gross yield to start with.
Make the smart move - contact me today to arrange a viewing.
Please be aware that this information may have been sourced from RPNZ/ Property Guru/ Land Information New Zealand/ Local Council and we have not been able to verify the accuracy of the same. Refer to our Passing Over of Information Statement at:
https://www.smr.co.nz/passing-over-of-information
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